A directly authorised mortgage broker referred a client who was looking to raise £80,000 on a unencumbered BTL property purchased with cash just six weeks previously. The customer also had historic adverse credit including numerous defaults and CCJ’s. The mortgage broker was struggling to place this case with any status lender and sought our help with our specialist BTL lender panel. The client had defaults ranging from 2012 to just over one year ago and three unsatisfied CCJ’s.
Our BTL specialist adviser looked at a lender who disregarded the defaults over 12 months old and accepted the CCJ’s which were under £10,000. The lender also was happy to approve the client even with a newly purchased property up to 75% LTV as they have no minimum 6 months ownership rule.
Our lender offered terms to the client at 5.98% at an LTV of 68% and the case completed within in a few working days. <?p>
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This provider is our Expert’s Choice in its category as it won tops marks for the following.
- EXPERTISE & KNOWLEDGE
- CUSTOMER SERVICE
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£10,000 - £1,000,000
3 - 35 years
& Buy to Let
Max LTV 100%
Our award winning broker of the year have made it to the top of our list as our No 1 recommended provider for homeowner and buy to let loans. They are independent and have access to the major lenders in the market.
Representative example: Assumed borrowing of £29,095 over 120 months, with a fixed borrowing rate if 4.4% per annum for the first 60 months, followed by 60 months at the lenders standard variable borrowing rate of 4.05%. There would be 60 monthly instalments of £300.14 followed by 60 instalments if £295.00. Total amount payable £36,016.20 comprised of; loan amount (£260,000); interest (£6918.20); Broker fee (£2600) Lender fee (£465). This would result in an overall cost of 7.1% APRC